China pushes zinc toward balance

摘要

Zinc metal nstocks are being drawn down in China, indicating a move ntoward a more balanced market according to Macquarie nResearch, citing stocks on the Shanghai Futures Exchange nfalling for the 10th week in row to 50,000 mt. In a report nreleased last week, the bank said that stock cancellations nalso increased in London Metal Exchange warehouses and nmetal on warrant is now at its lowest level for over a year. LME nstocks are now down by over 125,000 mt from a recent peak nof 890,000 mt in late July, the bank said before adding, “We nthink this is due in part at least to repositioning of inventories nrather than offtake for new consumption.”